The statement Tuesday from the family of the late Abe Pollin — that transfer of ownership of the Wizards to Capitals owner Ted Leonsis was all but complete — creates closure for the franchise. It also signifies a changing of the guard regarding Washington’s most powerful sports owner.
Leonsis and his group, Lincoln Holdings, are now in the rare position of owning teams in the NBA, WNBA and NHL, as well as the building in which they all play.
Verizon Center was a key part of this deal. Now Leonsis can use his marketing smarts — which made him a fortune at AOL and has made the Capitals one of the strongest brands in the NHL — to retool the Wizards and maximize all revenue streams the building has to offer.
Verizon Center is home to more than 225 events a year. It has 108 luxury suites and 3,000 club seats that now come under the control of Lincoln Holdings. With the promotional expertise of Leonsis, Verizon could become second only to Madison Square Garden as a destination for sporting events and concerts on the East Coast.
After everything calms down, look for Leonsis to head to Bethesda and craft a new deal with Comcast SportsNet. The network would be wise to make Leonsis a full partner — much like parent company Comcast has done with teams in New York, Philadelphia and Chicago. That way he would have the benefits of owning a regional sports network without the trouble of starting one from scratch.
The deal to buy the Wizards could be finalized before the June 24 NBA Draft. Leonsis already was a minority owner of the team and is well known in the NBA community. His approval is a nonissue.
“Ted will be a huge positive for the NBA,” Dallas Mavericks owner Mark Cuban said. “He is an amazing marketer, leader and advocate for fans of his team. You can’t ask for anything more in an owner.”
The 2010 Forbes list of the 10 most valuable sports franchises had the Redskins at No. 3 with a value of $1.55 billion. The new Leonsis sports empire is not there yet, but it is gaining ground quickly.
Jim Williams is a seven-time Emmy Award-winning TV producer, director and writer. Check out his blog, Watch this!
